Global Insurance Trends 22.08.2017

Posted September 1, 2017

Douglas Shillito

This week, a Swiss Re sigma report estimated global total economic losses from natural catastrophes of $44bn in the first half, which compared to a ten-year average of $120bn. According to a Marsh Index, global commercial insurance renewal rates continued to decline, but at a slower pace overall in the second quarter. Standard & Poor’s warned on some potential reinsurer exposures in 2017. RSA hosted a London Market Broker Roundtable where changing needs of customers were highlighted, and a Lockton report indicated that UK companies are underestimating the impact of a data breach. Peter Johnson, SVP, Marsh Risk Consulting, took a look at upcoming data protection legislation and its potential impact on insurance. The Intergovernmental Panel on Climate Change (IPCC) invited 101 experts from 41 countries to begin work on the Special Report on the Ocean and Cryosphere in a Changing Climate (SROCC).

Further interim and second quarter financials were reported, including Admiral Group (turnover and customer numbers up in first half, and “marginal increase in profitability and more material increase in underlying dividend” said CEO Stevens), NN Group (“steady progress” after merger of Delta Lloyd), QBE (interim net profit up 30%), Royal London (strong interim trading figures), Swiss Life (on target for 2017), and Talanx (net income up 14.9%).

Aegon formed a strategic long-term partnership with Funding Circle to support the growth of UK small businesses, and the Standard Life/Aberdeen Asset Management merger was finalised. MassMutual International is to sell its Hong Kong-based unit to Yunfeng Financial Group and own 24.8% of the buyer’s expanded share capital – a range of other Asia investors were also involved. Prudential sold its US broker-dealer network. The Davies Group acquired Claims Management Services (CMSL), and the Schinnerer Group is to takeover ICAT. There were senior appointments at Argo, Brit, Charles Taylor TPA, Fidelis, Greenlight Capital Re, and at Liberty Specialty Markets.

Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com